SOMETIMES its easy to be influenced by your peers to purchase something that is way above your means.
And without the necessary financial literacy, you might find yourself waist deep in debt.
A distressed Malaysian man took to social media to seek advise from netizens after he discovered that loan sharks were after him.
The anonymous person shared on Facebook group, Muflis Bankrupt di Malaysia, that he took a five-year loan for his motorcycle with zero deposit payment.
In the post, the man who only earn RM1,500 shared that he was influenced by his friends when he made the purchase.
“I earn RM1.5k a month, and I have a five-year loan for my motorbike because I went for a zero down payment, influenced by friends.”
He added that he also borrowed RM10,000 for a loan shark to make modifications towards his motorcycle. And to make matters worse, the loan shark who lent him the money is now after him.
The man clarified that he is paying but the interest set by the loan sharks is really high and now has no idea how to proceed.
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“In the end, I got trapped and borrowed RM10,000 from a loan shark to modify the bike.
“Now the loan shark is after me. I’m paying, but the interest is really high. What should I do?” questioned the man.
His post has since garnered more than 100 comments from netizens who attempted to share some advise with him.
“Oh man, bro, you’re going about this the wrong way. If you really want to modify your bike, don’t do it like this. Save up for the engine parts bit by bit, it might take a while, but at least you’ll get the results.
“Once you’re done with the lower engine parts, then you can buy the upper parts. After that, just save up for the labor costs. My advice: If you’re into bikes, don’t listen too much to your friends. Sure, you’ll feel proud for a day, but then you’re the one carrying the burden,” advised Muhammad Abdullah Firdaus.
Many also suggested that he get a second or even a third job to supplement his income so he is able to settle his debt as soon as possible.
“Do part-time Grab using that motorbike. Take on two to three jobs to increase your income, and work hard to pay off the debt as soon as possible. Push it to the max. May it all be made easier for you,” commented Mohd Nazri Mahmod.
READ MORE: 24-year-old woman borrows money to pay rent, ends up owing RM32k to 16 loan sharks
